Commerce is seeking community feedback about an upcoming funding opportunity
We want to hear feedback from the community at large about Community Reinvestment Project’s (CRP) Blended Capital Enhancement grant coming out in early June. We are especially interested in feedback about:
- Clarity of intent behind the program
- The scope of work in the grant
- Eligibility of providers
- Grant limitations
- Application process
- Reporting requirements
Your recommendations will help us make the grant more accessible and easier to understand. Our goal is to make the biggest impact we can, and you can help us make that happen!
About the CRP Blended Capital Enhancement Grant
The Washington State Department of Commerce has a new way to help people and businesses through the Community Reinvestment Project (CRP). It’s called the Blended Capital Enhancement grant, and it aims to reduce wealth disparities by helping Black, Latine, and tribal communities build assets. The program will help with:
- Making it easier for people to buy a home
- Providing grants and loans for small businesses and entrepreneurs
- Money management training
- Funding training and support for small businesses
- Assisting with buying commercial property, business assets, and vehicles
- Helping people reduce debt and save more using matching funds
The goal of this grant is to make it easier for Black, Latine, and tribal communities to get extra financial support from local organizations and businesses in their community.
What does funding look like?
A total of $42 million is available for this grant, with specific allocations reserved for various purposes, including:
New construction loans: $5 million
- Home expansion loans (including Accessory Dwelling Units or ADUs): $6 million
- Business startups and expansions: $5 million
- Consumer loans (like credit consolidation, car refinancing, or emergency expenses): $1 million
There are a couple of individual recipient limits:
- Support must be capped at 10% of the asset's value or $100,000, whichever is lower
- For ADUs and Detached Accessory Dwelling Units (DADUs) the limit is $50,000
- For 1:1 Matched Savings Accounts to purchase an asset, the limit is $10,000
What are you looking for in a proposal?
Proposals for grant funding will be reviewed based on:
- Plan for using the funds
- Financial need to those who need the most help
- Partnerships with CRP-verified by-and-for organizations
- Expected impact on how funds will help people acquire assets
Priority will be given to proposals that align closely with the program goals and show a clear plan for using the funds.
Who is eligible to apply?
Organizations that apply for the Blended Capital Enhancement grant must be:
- A tribal government or tribal-led 501(c)3 organization in Washington; OR
- A CRP-verified by-and-for organization that is serving Black, Latine, and tribal communities in Washington, OR;
- An organization that is partnered with CRP verified by-and-for organization serving Black, Latine, and tribal communities in WA impacted by the war on drugs.
Please review the current draft Request for Qualifications and share your thoughts, concerns and ideas with: [email protected]
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